Utkarsh Small Finance Bank’s Initial Public Offering to open on July 12, 2022, sets price band at Rs 23 to Rs 25 per Equity Share
Mumbai:Varanasi-based Utkarsh Small Finance Bank Limited ("Bank”) proposes to open its initial public offering comprising a fresh issue of such number of Equity Shares aggregating up to ₹5,000 million (“Issue”) on Wednesday, July 12, 2023.
Bid/ Issue Closing Date will be Friday, July 14, 2023. The Anchor Investor Bidding Date is one Working Day prior to the Bid/Issue Opening Date, that is, Tuesday, July 11, 2023.
Bank recorded the third fastest Gross Loan Portfolio growth between Fiscal 2019 and Fiscal 2023 among small finance banks (“SFB”).
The Bank has fixed the price band at ₹23to ₹25per Equity Share for the Issue. Bids can be made for a minimum of 600 Equity Shares and in multiples of 600 Equity Shares thereafter.
The Bank is promoted by UtkarshCoreInvest Limited, which commenced its operations as a NBFC in Fiscal 2010 and focused on providing microfinance to unserved and under served segments particularly in the states of Uttar Pradesh and Bihar.
Utkarsh Core Invest Limited received the RBI In-Principle Approval on October 7, 2015, to establish an SFB,following which it incorporated Utkarsh Small Finance Bank Limited as a wholly-owned subsidiary on April 30,2016.
Subsequent to the Bank obtaining the RBI Licence on November 25, 2016, to establish and carry-on business asan SFB, UtkarshCoreInvest Limited transferred its business of providing microfinance, as a going concern to the Bank, which commenced its operationsfrom January 23, 2017.
In case of any revision to the Price Band, the Bid/Issue Period will be extended by at least three additional Working Days following such revision of the Price Band, provided that the Bid/Issue Period shall not exceed 10 Working Days.
In cases of force majeure, banking strike or similar circumstances, the Bank, in consultation with the BRLMs may, for reasons to be recorded in writing, extend the Bid/Issue Period for a minimum of three Working Days, subject to the Bid/Issue Period not exceeding 10 Working Days.
Any revision in the Price Band and the revised Bid/Issue Period, if applicable, will be widely disseminated by notification to the Stock Exchanges by issuing a public notice, and also by indicating the change on the respective websites of the BRLMs and at the terminals of the Syndicate Member and by intimation to the Self Certified Syndicate Banks, other Designated Intermediaries and the Sponsor Banks, as applicable.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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